It's February, W2s are arriving in mailboxes across the country, and you know what that means: it's tax time.

But this year will be a little different. New regulations attached to the Affordable Care Act mean a slightly more complicated filing process this year. CPA Selwyn Gerber, founder of Gerber & Company, joined Take Two to explain.

This is the first time that people will have to show on their tax forms that they had health insurance in 2014. How is this going to work?

"First of all, those people who did buy health insurance should be getting, [or] should have received a new form which is called Form 1095-A.... If it doesn't come over the next several days, that's a bad thing, and listeners should be calling the exchanges or going online to download them because Form 1095-A is needed to complete another form (believe it or not) which is form 8962. So you need a form to complete a form. And that has to be attached to the tax return."

And what do you have to do with that form? How do you prove yes in fact I do have insurance?

"Well the 1095-A doesn't really prove that you have insurance. That's dealt with in a whole other way... Basically, the basic form 1040 has on it a new line called Line 61 and that's the line where you check off if you did in fact have insurance. And if you had insurance, that's the line that gets checked off.

And for those people who have regular health insurance that they got from their employer, a government program such as Medicare or Medicaid, or insurance they bought privately through an insurance company, they're really not affected by the change. They will simply check off that box and their taxes will be completely unaffected.

If you got insurance through an exchange, you use the Form 1095-A, where basically the Form 1095-A is really going to give you, among a number of other details, two things that really count. Number one the total insurance premium that you paid, and secondly how much of a tax credit you got. Because when you applied for health insurance through an exchange you had to estimate your income and your deductions for 2014, and stuff happens in life and things don't always work out as you expected even with the best of intentions.

So what you really do is you take the information from 1095-A, put it on to 8962 where basically you figure out whether you overpaid or underpaid, whether you got a tax credit that was too big or too small."

Let's talk about the [people] who decided 'Hey, I'm not going to get insurance, I'll pay the penalty, that seems like a better deal to me.' Remind us what the penalty is for that.

"The penalty starts at about $95 and goes all the way up to $11,000. So it's a big range, complicated, not clear to everybody exactly how that's going to be computed."

Isn't it just $95 or 1 percent of your income, which ever is greater?

"Yes, although there are a bunch of exemptions as well... So if you can prove that your insurance premium would have been greater than 8 percent of your income, then that's an exemption. If you have certain religious objections to insurance, that would be an issue. If you live in a state that didn't expand the Medicare under Obamacare, that would be an exclusion, so there are a bunch of exemptions to Obamacare as well.

And there is one thing I wanted to just add... once you got any kind of exchange health insurance, you no longer can complete the simple 1040-EZ. You have to go to the full Form 1040."

Let's say you went for part of 2014 without insurance and then you decided to buy insurance. Where does that leave you tax-wise?

"You've got a three month leeway. You can go without insurance for three months without any penalty. If you're uninsured for more than three months, then the penalty that I alluded to, starting at $95, kicks in."